Food service distributor the Skor Food Group has announced sharp rises in revenue and income for the year ended 31 August 2005.
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Revenue for the year was CAD81.5m (US$70.4m), compared with CAD61.2m the year before. Net income was CAD1.7m, compared with CAD914,100 the year before.
At the beginning of the 2005 fiscal year management committed to delivering solid financial results from its two distribution operations, Gorman Distributing and Derry Foods, and to consolidate these operations into one premises, the company said. The strong financial performance is evidence the company is achieving its operational objectives and the consolidation of Gorman and Derry will be completed by December 2005.
The consolidation of operations will provide significant cost savings and the new facility will have sufficient capacity to grow the business to the Company’s goal of more than CAD500m in revenue by the year 2012. Senior management is pursuing a number of specific, accretive acquisitions within its industry segment that will propel the Company to become a major supplier of products to Ontario’s food and beverage industry.
“Our corporate objective is to build long-term, sustainable, shareholder value,” said Vince Capobianco, president. “As evidenced by our financial and share performance in the past two years, we believe the market is beginning to recognize our accomplishments and vision. Furthermore, our working capital position has never been stronger as we seek out acquisition opportunities in distribution, manufacturing and retail to become a full service, vertically integrated food company.”
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